Credit Rating Review by Moody's Investor Services - LBK05 LBK07 LBK08 LBK11 LBK15-19 LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA (“the Land Bank”) Instrument Code ISIN ZAG000113572 LBK05 ZAG000120007 LBK07 ZAG000121005 LBK08 ZAG000121955 LBK11 ZAG000139890 LBK15 ZAG000141144 LBK16 ZAG000142787 LBK17 ZAG000142795 LBK18 ZAG000142977 LBK19 LAND AND AGRICULTURAL BANK RATING REVIEW BY MOODY’S INVESTOR SERVICES In accordance with paragraph 4.26 of the JSE Debt Listings Requirements, noteholders are hereby advised that the Land Bank’s issuer rating of Baa2/Prime-2 by Moody’s Investor Services (“Moody’s” or “the agency”) has been placed on review for a possible downgrade. Moody’s bases its Baa2 rating review to reflect the increasing risk of a weakening capacity of the South African government to support Land Bank in case of need. The Company’s credit profile could be revised in future if the sovereign rating outlook changes or in the event of a weakening of the Bank’s stand-alone credit profile. Further details on the rating action can be viewed on the following link: www.landbank.co.za 12 April 2017 Debt Sponsor The Standard Bank of South Africa Limited For further information on the Notes issued please contact: Kea Sape SBSA (011) 344 5674 Date: 12/04/2017 12:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.